Analyst Christopher Kuplent of Bank of America Securities reiterated a Buy rating on Shell (UK), retaining the price target of p3,200.00.
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Christopher Kuplent has given his Buy rating due to a combination of factors that highlight Shell’s strong financial performance and strategic positioning. The company’s third-quarter 2025 results exceeded market expectations by approximately 7%, following a series of consensus upgrades. This performance aligns with Kuplent’s own optimistic projections, suggesting further potential for upward revisions in the coming quarters.
Moreover, Shell’s financial resilience is underscored by its robust free cash flow yield, which is notably higher than its peers. The company is well-positioned to navigate challenging macroeconomic conditions, supported by a low breakeven oil price and a strong balance sheet. Additionally, Shell’s net debt levels are expected to remain manageable, with gearing ratios below 20%, offering a rare balance sheet advantage compared to its competitors. These factors collectively affirm Shell’s mispricing in the market and support Kuplent’s Buy rating.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a £31.00 price target.

